Annual FASB Update and Review - Iowa Society of CPAs

Overview

This course provides a detailed discussion on the key topics related to financial reporting, though in a summarized format. Topics will focus on recent ASUs issued by the FASB, including the 12 ASUs issued in 2025, with a concentration on issues of greatest significance to most accounting practitioners. The greatest emphasis on the ASUs will focus on those effective in 2025 and 2026. Specifically, the course will review ASUs addressing financial instruments, disaggregated expenses, government grants, credit losses under ASC 326, and the final stages of the ASC 842 post-implementation review (PIR) report findings. Other hot-button accounting issues, such as what is on the FASB’s technical agenda, are also discussed.

Highlights

Private company standard-setting activities
Recent FASB Accounting Standards Updates (ASUs), including those addressing financial instruments, credit losses under ASC 326, government grants, and business combinations
Non-GAAP financial measures
ASC 842, Leases
ASC 842 final PIR report findings

Prerequisites

Experience in financial accounting and reporting

Designed For

Practicing CPAs and accounting team staff, both in public accounting and business and industry, as well as controllers, accountants, and other financial accounting personnel involved in financial statement preparation and review

Objectives

Be aware of recent private company standard-setting activities
Review the latest FASB Accounting Standards Updates (ASUs)
Recall key provisions of recently issued FASB Updates
Recall common non-GAAP financial measures and requirements surrounding their disclosure
Understand the key provisions and updates to Topic 842, Leases, and the results of the final stage of the FASB's PIR process, including its final report on the topic

Fees

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

Daryl Krause

Leader Bios

Daryl Krause

Mr. Krause has CPA Certifications and he practices in: Illinois, Indiana, Kentucky, Michigan, Ohio and Wisconsin as Manager & CEO of his firm, which he founded in 2005. Previously he enjoyed 23 years of diversified responsibilities with Ernst & Young. Industries he served included manufacturing, construction, real estate and financial services. Daryl was the Ohio Valley Area Director of Employee Benefit Plan Services specialty audit practice for 8 years responsible for the technical accuracy and quality of over 300,000 hours of employee benefit plan audit effort. Roles included sign-off partner for approximately one third of the entire area’s engagements, independent reviewer on approximately 100 additional plans per year and technical advisor for all work. As Senior Manager in the Entrepreneurial Services group for 3 years he managed a portfolio of corporate audit client relationships. Roles included providing SEC reporting assistance to new public companies, assisting in due diligence on potential acquisitions and helping companies improve their controls and financial reporting processes. He served in E&Y’s National Professional Development group as a Senior Manager for 5 years. Roles included designing, developing and delivering core curriculum Audit and Entrepreneurial Services training programs for the entire U.S. practice. Part of the 11 member team that completed the development effort to introduce the Ernst & Young Audit Approach training for Staff through Partner following the Ernst & Whinney and Arthur Young merger, which was deemed a critical success factor for the newly formed Ernst & Young.

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